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Debt
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Current debt obligations
The carrying value of Current debt obligations, net of unamortized debt issuance costs, at September 30 consisted of:
(Millions of dollars)20252024
Commercial paper borrowings$855 $400 
Current portion of long-term debt
3.734% Notes due December 15, 2024
(a)— 875 
3.020% Notes due May 24, 2025
(a)— 335 
0.034% Notes due August 13, 2025
(a)— 559 
1.208% Notes due June 4, 2026
704 — 
Other1 1 
Total current debt obligations$1,560 $2,170 
(a)All of the aggregate principal amount outstanding was retired upon maturity during fiscal 2025, as further discussed below.
The weighted average interest rates for current debt obligations were 2.89% and 2.91% at September 30, 2025 and 2024, respectively.
From time to time, the Company may access the commercial paper market as it manages working capital over the normal course of its business activities. The Company’s U.S. and multicurrency euro commercial paper programs provide for a maximum amount of unsecured borrowings under the two programs, in aggregate, of $2.750 billion. Proceeds from these programs may be used for working capital purposes and general corporate purposes, which may include acquisitions, share repurchases, and repayments of debt. The Company utilized commercial paper borrowings in the fourth quarter of fiscal year 2024 to partially fund the Advanced Patient Monitoring acquisition, as further discussed in Note 11.
Long-term debt
The carrying value of Long-Term Debt, net of unamortized debt issuance costs, at September 30 consisted of:
(Millions of dollars)20252024
1.208% Notes due June 4, 2026
— 671 
6.700% Notes due December 1, 2026
154 158 
1.900% Notes due December 15, 2026
586 559 
3.700% Notes due June 6, 2027
1,722 1,721 
7.000% Debentures due August 1, 2027
117 118 
4.693% Notes due February 13, 2028
798 797 
6.700% Debentures due August 1, 2028
114 115 
0.334% Notes due August 13, 2028
1,054 1,004 
4.874% Notes due February 8, 2029
622 622 
5.081% Notes due June 7, 2029
597 596 
3.553% Notes due September 13, 2029
936 891 
2.823% Notes due May 20, 2030
747 746 
3.519% Notes due February 8, 2031
876 835 
1.957% Notes due February 11, 2031
995 994 
3.828% Notes due June 7, 2032
1,168 1,113 
4.298% Notes due August 22, 2032
496 496 
5.110% Notes due February 8, 2034
546 545 
1.213% Notes due February 12, 2036
701 668 
4.029% Notes due June 7, 2036
933 889 
6.000% Notes due May 15, 2039
121 121 
5.000% Notes due November 12, 2040
90 90 
1.336% Notes due August 13, 2041
1,049 999 
4.875% Notes due May 15, 2044
244 244 
4.685% Notes due December 15, 2044
938 934 
4.669% Notes due June 6, 2047
1,462 1,460 
3.794% Notes due May 20, 2050
554 554 
Other long-term debt1 1 
Total Long-Term Debt$17,621 $17,940 
The aggregate annual maturities of Long-Term Debt including interest during the fiscal years ending September 30, 2026 to 2030 are as follows: 2026 — $2.228 billion; 2027 — $3.163 billion; 2028 — $2.486 billion; 2029 — $2.629 billion; 2030 — $1.144 billion.
Other current credit facilities
During the fourth quarter of fiscal year 2025, the Company refinanced its existing senior unsecured revolving credit facility, which was scheduled to mature in September 2027, with a new senior unsecured revolving credit facility maturing in September 2030. The credit facility provides borrowings of up to $2.750 billion, with separate sub-limits of $100 million and $236 million for letters of credit and swingline loans, respectively. The expiration date of the credit facility may be extended for up to two additional one-year periods, subject to certain restrictions, including the consent of the lenders. The credit facility provides that the Company may, subject to additional commitments by lenders, request an additional $500 million of financing, for a maximum aggregate commitment under the credit facility of up to $3.250 billion. Proceeds from this facility may be used for general corporate purposes and Becton Dickinson Euro Finance S.à r.l. (“Becton Finance”), an indirect, wholly-owned finance subsidiary of BD, is authorized as an additional borrower under the credit facility. There were no borrowings outstanding under either credit facility as of September 30, 2025 and 2024. In addition, the Company has informal lines of credit outside of the United States.
Debt issuances
The Company issued the following U.S. dollar-denominated debt during fiscal year 2024:
Interest rate and maturityPeriod issuedAmount issued (Millions of dollars)Use of proceeds
5.081% Notes due June 7, 2029
Third quarter 2024$600 Funding of the cash consideration and related fees and expenses for the Advanced Patient Monitoring acquisition and for general corporate purposes
4.874% Notes due February 8, 2029
Second quarter 2024$625 
Retirement of 3.363% notes due June 6, 2024 and retirement, upon maturity, of 3.734% notes due December 15, 2024
5.110% Notes due February 8, 2034
Second quarter 2024$550 
Retirement of 3.363% notes due June 6, 2024 and retirement, upon maturity, of 3.734% notes due December 15, 2024
The Company issued the following Euro-denominated debt during fiscal year 2024:
Interest rate and maturityPeriod issuedAmount issued (Millions of Euros)Amount issued (Millions of dollars)Use of proceeds
3.828% Notes due June 7, 2032
Third quarter 2024€1,000 $1,087 Funding of the cash consideration and related fees and expenses for the Advanced Patient Monitoring acquisition and for general corporate purposes
3.519% Notes due February 8, 2031
Second quarter 2024€750 $806 
Retirement of 3.875% notes due May 15, 2024 and 3.363% notes due June 6, 2024
Also in fiscal year 2024, Becton Finance issued Euro-denominated notes, listed below, which are fully and unconditionally guaranteed on a senior unsecured basis by the Company. No other of the Company’s subsidiaries provide any guarantees with respect to these notes. The indenture covenants included a limitation on liens and a restriction on sale and leasebacks, change of control and consolidation, merger and sale of assets covenants. These covenants are subject to a number of exceptions, limitations and qualifications. The indenture does not restrict the Company, Becton Finance, or any other of the Company’s subsidiaries from incurring additional debt or other liabilities, including additional senior debt. Additionally, the indenture does not restrict
Becton Dickinson Euro Finance S.à r.l. and the Company from granting security interests over its assets. The notes issued by Becton Finance included the following:
Interest rate and maturityPeriod issuedAmount issued (Millions of Euros)Amount issued (Millions of dollars)Use of proceeds
4.029% Notes due June 7, 2036
Third quarter 2024€800 $869 Funding of the cash consideration and related fees and expenses for the Advanced Patient Monitoring acquisition and for general corporate purposes
Debt retirements
The Company’s retirements of debt upon maturity in fiscal years 2025 and 2024 included the following:
Principal, interest rate, and maturityPeriod of retirement
€500 million ($584 million) of 0.034% notes due August 13, 2025
Fourth quarter 2025
£250 million ($339 million) of 3.020% notes due May 24, 2025
Third quarter 2025
$875 million of 3.734% notes due December 15, 2024
First quarter 2025
$998 million of 3.363% notes due June 6, 2024
Third quarter 2024
$144 million of 3.875% notes due May 15, 2024
Third quarter 2024
Capitalized interest
The Company capitalizes interest costs as a component of the cost of construction in progress. A summary of interest costs and payments for the years ended September 30 is as follows:
(Millions of dollars)202520242023
Charged to operations$613 $528 $452 
Capitalized62 57 51 
Total interest costs$675 $584 $503 
Interest paid, net of amounts capitalized$628 $473 $452